Lithium Iodide Market

Lithium Iodide Market Outlook

According to Future Market Insights’ recent market analysis, the global Lithium Iodide market will be valued at US$ 97.6 Million in 2023. And Lithium Iodide sales are anticipated to expand steadily at a pace of 4.5% and reach a worth of US$ 151.5 Million by 2033.

High-purity, Nanopowder, and submicron versions of lithium iodide are all readily available. Lithium iodide comes in two main forms: trihydrate and anhydrous. These help iodine solutions dissolve since they are water-soluble. Lithium iodide is utilized in photography, as a catalyst, and as an absorbent in the refrigeration process. Along with organic synthesis, pessat iodination, ester, ether, epoxide cleavage, decarboethoxylation, carbonylation, and aldol condensation, it is also helpful in these processes. It is employed in the production of mineral water. It is utilized in redox and electrochemical processes. in internal medicine and in treatments with sulfuric acid and manganese dioxide.

The electrolyte for long-lasting, high-temperature batteries is lithium iodide. Cleaving carbon-oxygen bonds is another function for it in organic synthesis. Lithium iodide is used as phosphorous in its solid form to detect neutrons. As a result, lithium iodide is widely used as an electrolyte in batteries and as a solvent in the chemical industry. It is also readily available in large quantities. The major producer of lithium compounds and iodide is Chile.

Market Outlook for Lithium Iodide Market (2018 to 2022) as Compared to Market Forecast (2023 to 2033)

Lithium Iodide sales increased at CAGR of 4.5% between 2018 and 2023. In 2019, the worldwide pandemic impacted every industry. The lithium iodide market has also been significantly impacted by the shutdown of the electronics and automotive sectors. Due to decreased demand, constrained supply chains, logistical challenges, and reduced production during the COVID-19 outbreak, the pandemic had a negative influence on the Lithium Iodide market.

Lithium Iodide is expected to represent a faster growth rate throughout the forecast period as compared to historical period. The market is forecasted to expand at a CAGR of 4.5% over the anticipated period owing to the growing use of high-temperature batteries and pacemakers along with numerous applications in the electronics, automotive, and chemical industries.

Market Dynamics

How has the high cost of lithium iodide impacted the market?

Lithium is used in a wide range of sectors for a variety of purposes, but despite its numerous advantages, it also has few disadvantages. The high price of iodide is one prominent disadvantage.

Since these iodides are expensive, many consumers could be hesitant to use them unless absolutely necessary, which could lower demand for this product. Hence, restricting the growth of the lithium iodide market throughout the forecasted period.

Lithium Batteries to Present Robust Growth Opportunities for Lithium Iodide Manufacturers

Due to their extremely high energy density, lithium-ion batteries are used to power electronic devices for extended periods of time. This is one of the key benefits driving the market for lithium-ion battery packs forward. Lithium-ion batteries have a competitive advantage over other types of batteries due to their reduced maintenance requirements and lower rate of self-discharge.

Additionally, the technology of lithium-ion batteries may be enhanced through the design of new types to satisfy various market demands, from supplying power to smartphones to plug-in hybrid cars. Lithium-ion batteries' low cost, high energy efficiency, and environmental friendliness are boosting market demand.

According to the World Health Organization, heart attacks are the leading cause of death globally, taking around 18 million lives each year. The need for lithium-ion batteries is anticipated to rise as the number of heart patients tends to rise in the future owing to an unhealthy lifestyle, which may raise the demand for cardiac pacemakers and batteries.

The usage of lithium iodide batteries is widespread in electronic goods such as toys, TV remote controls, clocks, and cameras. The market for lithium iodide batteries will be driven by the high demand for consumer electronics throughout the anticipated time period. Cost differences between lithium iodide and nickel-cadmium batteries, however, might limit industry expansion.

What are the trends in the global Lithium Iodide market?

High investment in lithium-ion battery research and development from the public and commercial sectors is anticipated to support market expansion over the assessment period. The development of a fully self-forming battery minimized the possibility of self-discharge and allowed the inactive battery to be kept for longer. A secondary (rechargeable) battery has been developed by adding lithium iodide (3-hydroxypropionitrile)2 to the lithium layer in a recent study. Based on this concept, the researchers created a totally self-forming battery in which the lithium anode and iodine cathode are generated during the first charging process. As a result, the danger of self-discharge is diminished, allowing the inactive battery to be stored for longer.

Work on reducing the total impedance has also been motivated by the emergence of a liquid electrolyte phase that comes from the interaction of PVP with lithium and iodine, particularly due to interfacial effects. Studying this battery pack under the rigorous circumstances demanded by implanted medical devices addresses a number of issues critical for many applications.

Nikhil Kaitwade

Principal Consultant

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Category-wise Insights

Which Is the Leading Segment by End Use In The Lithium Iodide Market?

On the basis of end-use the global lithium iodide market is segmented as electronic, automotive, pharmaceutical, chemical, and others. The electronics segment accounts for the highest value shares in the lithium iodide market. In high-temperature batteries, lithium iodide is employed as a solid-state electrolyte.

The global demand for consumer electronics is increasing day by day, which increases the demand for lithium iodide globally. Due to the high demand from the electronics industry, the electronics segment is going to be dominant in the overall market.

Which Is the Leading Segment By Application In The Lithium Iodide Market?

On the basis of application in the global lithium iodide market, the electrolyte segment is expected to dominate the overall market. The electrolyte segment accounts for more than 45% of the global market's value share. For lithium-sulfur batteries, lithium iodide (LiI) is said to be a viable electrolyte addition.

On both positive and negative electrodes, it causes the development of protective Li-ion-permeable coatings that stop polysulfide dissolution on the cathode and reduction on the anode. The high utilization of lithium iodide in electrolytes results in the dominance of electrolytes in the global lithium iodide market.

Country-wise insights

What Is the Growth Outlook of the Lithium Iodide Market in the North America Region?

The North America will dominate the market as a result of the region's demand for consumer electronics and the development of cutting-edge technology. Chile is one of the largest producers of lithium iodide worldwide. Chile exports lithium iodide to developing countries to fulfil the demand. The U.S. dominates North America's demand for lithium-ion batteries in consumer electronics because of their long lifespans.

The demand for consumer electronics has skyrocketed in recent years as a result of the development of cutting-edge technology used to build smart homes and offices. Such trends indicate that in the years ahead, demand for electronic items will increase, which will boost supplies for lithium batteries in the area and develop the lithium iodide market.

What Is the Growth Outlook of the Lithium Iodide Market in China?

The demand for lithium iodide is high in the Asia Pacific region. China is the predominant consumer of lithium iodide across numerous Asia Pacific countries, holding leading market value share. China is expected to keep its dominance in terms of market share over the upcoming assessment period. China is a global hub for electrics and electronics.

One of the key drivers of market growth is the chemical industry's high demand for lithium iodide. The market is extremely competitive, with China being the top chemical supplier. The high consumption of lithium iodide from the consumer electronics and chemical industry in China results in high-value shares to China in the global market.

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Competitive Landscape

Key manufacturers are concentrating their efforts on enhancing their production capabilities to increase their market share and better meet the rising demand for Lithium Iodide. To satisfy the expanding demands of end consumers, market participants are investing capital to increase their Lithium Iodide production capacity. A wide range of market opportunities has been created by the numerous technological advancements and the main competitors' increasing attempts at development through acquisitions, joint ventures, and partnerships.

For Instance,

On 10 January 2022, HELM AG and Leverton Lithium merge together to boost European lithium production. A reputable manufacturer of high-quality lithium compounds with a global clientele for demanding industrial applications is the United kingdom based Company, Leverton.

Scope of the Report

Lithium Iodide Market Segmentation

By Application:

• Solvent
• Electrolyte
• Others

By End-user:

• Electronic
• Automotive
• Pharmaceutical
• Chemical
• Others

By Product Type:

• Capacitors
• Semiconductors
• Engine Turbine Blades
• Chemical Processing Equipment
• Medical Equipment
• Others

By End-Use:

• Lithium iodide trihydrate
• Lithium iodide anhydrous

By Region:

• North America
• Latin America
• East Asia
• South Asia and Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia and Belarus
• Balkan and Baltic Countries
• Middle East and Africa